China Construction Bank (CCB), China’s second-largest lender by assets, is set to acquire a stake of at least 51 percent in Indonesia’s Bank Windu Kentjana International through a rights issue scheme worth Rp 1.1 trillion ($80.5 million) next year, Bank Windu said in a prospectus. The local lender is seeking to sell 11.26 billion shares and has set an offering price of Rp 100 a share. Bank Windu’s current controlling shareholder, Indonesian tycoon Johnny Wiraatmadja, who has a 59 percent stake in the bank, will give up his right to absorb the offered shares to meet sales and purchase agreement signed in September. Through the scheme, CCB will hold no less than 51 percent of the Indonesian lender or else the acquisition deal will not happen, the prospectus says. The acquisition will mark a rare occasion of a foreign bank being permitted by Indonesia’s financial regulator to take a more than 40 percent stake in a local lender. Windu, with nearly Rp 10 trillion in total assets, is merging with Bank Antardaerah after acquiring 100 percent of the Surabaya-based lender earlier in July.
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